United Kingdom will continue its support for grant of Generalised System of Preferences (GSP) Plus to Pakistan from European Union, better political relations promote trade, said Alison McEwen, Head of Bilateral Team for Pakistan, British Foreign & Commonwealth Office (FCO) during her visit to Faisalabad Chamber of Commerce and Industry (FCCI) here on Wednesday. She said that for Free Trade Agreement (FTA) between Pakistan and UK, consent of EU was essential.
She, however, said that UK would continue its support for grant of GSP Plus to Pakistan by EU in 2014, adding that FTO would cooperate with Pakistan for exchange of trade delegations between the two countries. Earlier in his welcome address to Alison McEwen, Head of Bilateral Team for Pakistan, President FCCI Mian Zahid Aslam said UK and Pakistan enjoyed unique people-to-people links with over one million British citizens with close family ties to Pakistan.
He maintained that UK was the enduring friend to the government and people of Pakistan and had always vowed to deeper stronger relationship with Pakistan in building up ties in trade, health and education sectors and humanitarian consideration at every test and time.
The leading role played by UK Government for EU Autonomous Trade Preferences package to Pakistan is noteworthy. However, the trade between the two countries is not upto the mark which during 2011 was two billion dollars where Pakistan's exports were 1320.52 million dollars against imports from UK $686.26 million. Major export from Pakistan are textiles and textile made-ups, apparel, cotton yarn and woven fabrics, furniture and mattress while major imports are boiler and textile machinery, iron and steel, Telecom and Electrical equipment, etc. "We believe that the volume of trade between the two countries will be increased significantly post-Autonomous Trade Preferences package by EU." He continued that due to prolonged energy deficit in Pakistan, the power sector offered great potential for investment from British Companies for joint ventures and entered into agreement for transfer of technology whereby Pakistan's government policies were also relaxed for expatriation of profit in total in foreign currency.
Chaudhry Muhammad Boota, Vice President FCCI offered vote of thanks to the guests. Erum Haider, Senior Political Officer, British High Commission Islamabad; former Vice President, Rehan Nasim Bhrara, Rehan Ashfaq Sheikh, Riaz-ul-Haq, Rana Ikram Ullah, Haji Muhammad Abid, Ayub Manj, Muzaffar Yousuf Khokhar, Executive Committee Members and others shared their views on the occasion.